Illinois Tool Works earns rise, top expectations

NEW YORK (MarketWatch) -- Illinois Tool Works
ITW, +0.19%
reported second-quarter earnings of $373.8 million, or $1.29 a share, up from $360.4 million, or $1.16 a share, exceeding the average analyst estimate compiled by Thomson First Call of $1.25 a share, boosted by a lower tax rate and a decline in shares outstanding. Revenue rose to $3.3 billion for last year's $3 billion, vs. analyst forecasts of $3.31 billion. Operating margins fell 1.5 percentage points to 17.2% due primarily to a decline in leasing and investment income. The engineered components maker said it expects third-quarter earnings of $1.33 to $1.39 a share, above analyst forecasts of $1.28 a share, and 2005 earnings of $5.02 to $5.14 a share vs. analyst projections of $4.94 a share. The stock closed Wednesday up $1.70 at $84.90.

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